Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting — March 18, 2005 <br />5. OLD BUSINESS (CONT.) <br />A. Downtown Medical Services District <br />(1) continued... <br />Commission authorizing the issuance of <br />bonds of the South Bend Redevelopment <br />District for the purpose of raising money <br />for certain local public improvements in <br />the Downtown Medical Services District <br />Allocation Area. <br />Mr. Rompola explained that Resolution <br />No. 2153 authorizes the issuance of bonds to <br />pay for the relocation of Bartlett Street to <br />accommodate the expansion of Memorial <br />Hospital. <br />The bond issue will not exceed $2.5 million. <br />They are payable by their terms either from <br />TIF revenues from the Medical Services <br />District or any other revenues made available <br />for that purpose. Depending on how the <br />bonds are sold and if it becomes necessary to <br />have a pledge of other revenues, the language <br />has been included to allow for that. The <br />bonds will mature beginning 2006 and would <br />run not longer than 2016. It is anticipated <br />they would only have an 8 -yr maturity, but a <br />couple of years have been added to allow <br />flexibility in the market as they go to sale. <br />The resolution sets the maximum interest rate <br />at 8 %, again higher than anticipated, but <br />allowing room for the market to fluctuate <br />before sale. The bonds will either be sold <br />privately or at a public sale. That decision is <br />left to the discretion of the Commission <br />President and the City of South Bend <br />Controller on the advice of financial advisor. <br />L4 <br />